Month: October 2019

Over 25 per cent of Kenya’s insurance industry income is fraudulently claimed leading to insurers incurring heavy losses.

To counter this, Kenindia Assurance has taken steps to curb the fraud by incorporating Artificial Intelligence (AI) in its motor insurance claim processes.

The insurer is utilizing artificial intelligence to fast track its claims resolutions through the use of anomaly detection, sentiment detection, text analytics and a self-service portal.

Integrated Motor Insurance Data System

Kenindia Assurance Deputy General Manager, Joyce Mathenge, says that motor insurance is the main contributor to insurance fraud hence the need to develop mechanisms to lower their risks.

“With more Kenyans owing cars and motor insurance being mandatory, we find that having ineffective due diligence processes and a corruption culture usually leads to motor fraud. We have invested in artificial intelligence as well as continuing training our teams to enhance their abilities to detect motor fraud,” said …

Tanzania is one of Southern Africa Development Community (SADC) member states with strategic port spheres, that stand to prove billions, under strategic import and export situations.

Bank of Tanzania (BoT), indicates East Africa’s growing economy, Gross Domestic Product (GDP) stands at 6.6 per cent, while construction, transport activities and agriculture (raw material producer) account for 65.1 per cent of the output growth.

An array of materials gets shipped off Tanzania which include minerals—gold and agricultural products such as cashew nuts, coconut, sisal, coffee, and raw cotton.

On the same note, BoT September economic review, paints a rather promising perspective commenting that: exports of goods and services amounted to $921.8 million in August 2019 compared with $ 714.8 million in the preceding month, of which export of goods increased to $ 635.1 million from USD 408.9 million.

Additionally, traditional goods exports (unprocessed minerals and agriculture-products) stood at $44.4 million compared with …

Tanzania’s ambition of being East Africa’s one-stop hub for commerce and tourism via aviation is taking shape.

Air Tanzania Company Limited (ATCL) new Boeing 787-7 Dreamliner, touched down in Tanzania on Saturday, October 26, as reported by The Citizen. The impressive aircraft has a capacity of 300 passengers.

This purchase is the latest in a series of strategic actions taken by the government, including—acquiring 4 radar systems worth $29.2 million to secure its airspace and enhance the aviation industry performance, which has proven to be rather vital to the economy.

Further, Tanzania launched it’s modernized airport-terminal (3) at Julius Nyerere International Airport, which will serve up to 8 million passengers per year, it was built at a cost of over $314 million.

Air Tanzania Company Limited (ATCL) oversees over 10 aircrafts in its fleet including Bombardier Q400 and Airbus A220-30, this according to Ministry for Works, Transport and Communications. The …

Kenya’s telecommunication company-Safaricom has a new Chief Executive Officer, ending close to four months of search for a substantial boss.

The Safaricom (Plc) Board of Directors on Thursday announced the appointment of Mr. Peter Ndegwa as the company’s new chief executive effective April 1, 2020.

READ ALSO:What Safaricom has done as it marks 19th anniversary

He joins Safaricom from Diageo (Plc) where he is the managing director of Diageo Continental Europe.

The position fell vacant after the demise of the late former chief executive Bob Collymore, who was serving a one year extension after his full term had come to fruition.

“Peter brings a wealth of experience in general management, commercial and business strategy, sales and finance operations, having spent over 25 years in various roles within the Financial Services and Fast-Moving Consumer Goods (FMCG) sectors in Africa and Europe,” the telco said yesterday.

READ ALSO:Majority of Kenya’s

Women Enterprise Fund (WEF) in collaborating with Kenya Bureau of Standards (KEBS) and other organizations have partnered to provide support for women running small and medium-sized business to standardize and improve the quality of their products.

The partnerships has seen 13,500 beneficiaries trained by WEF receive technical guidance to improve their products ensuring they meet industry standards.

READ ALSO:KEBS to issue new Import Standardization Marks to curb illicit trade

Once the products are standardized, the women are eligible to apply for certification, which the Fund pays a subsidized rate of Ksh5,800.

As a result, their products will qualify for the Kebs Diamond mark of quality which allows them to access local and international markets.

READ ALSO:Zambia to connect women SMEs to international markets by 2020

“A key mandate for WEF is to provide business support services including linkages for the women entrepreneurs to improve on the quality of …

Airtel Africa and Ecobank Transnational Incorporated (ETI) signed a partnership which will benefit Airtel Money and Ecobank customers.

Airtel Money and Ecobank customers will have access to mobile financial services and carry out a variety of mobile transactions.

The partnership is subject to regulatory approval in each market. Through the partnership, Airtel Money customers, through Ecobank’s digital financial services ecosystem will be able to make online deposits and withdrawals, make in-store merchant payments, effect real-time domestic and international money transfers and access loans and savings products.

Ecobank will be able to sponsor Airtel in issuing both virtual and physical debit cards as well as prepaid cards to customers.

In a statement, Ecobank said the partnership will give corporate account holders a go through when making bulk disbursements, such as payroll payments, directly into Airtel Money customer wallets. Through Ecobank, Airtel Money will now issue both virtual and physical debit and …

More than 50 African leaders made their way to the Black Sea resort city of Sochi on Oct. 23-24 for the inaugural Russia-Africa summit.

The summit is widely seen as a reflection of Russia’s push for economic and military influence in Africa. More than 3,000 delegates from African countries and Russia are at the summit to discuss everything from nuclear energy to natural resources extraction.

All 55 African states sent a representative to the meeting, including 43 heads of state or government, according to Kremlin advisor Yuri Ushakov.

“We currently export to Africa $25 billion worth of food — which is more than we export in arms, at $15 billion. In the next four to five years I think we should be able to double this trade, at least,” Putin said.

Russian President Vladimir Putin met with his Egyptian counterpart Abdel-Fattah el-Sissi before the two leaders opened the first-ever Russia-Africa …

Barclays Bank in Mozambique is to rebrand as Absa Bank from November 11, Rui Barros the Deputy Director announced yesterday.

Speaking at a press conference in Maputo, he said they have introduced the new logo at ATMs and counters in Mozambique to ensure a gradual and natural change.

The bank is in 49 locations in Mozambique with two-thirds of the brand change already underway and operations expected to be concluded in the next two months.

Mr Barro assured that cards, accounts, access keys and cheques in Mozambique would remain active and functional during the rebranding period. He added that the Barclays branded cards and checks would not be restricted after November 11th and will gradually replace them over the coming months.

“The bank is about to enter a new stage, with great opportunities that will allow us to realize our ambition for growth as an independent African bank,” Mr Barros …

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East Africa’s largest insurance group, Jubilee Holdings Limited, has signed a deal with Credit Bank in a move that will see the two entities launch education and investment plans through the Bancassurance model.

The plan to be rolled out by Credit Bank through ‘My Friend Insurance Agency’’ seeks to focus on ensuring that customers of both entities build an education fund and a savings portfolio over a period of time through the bank’s Bumblebee Account, as well as Jubilee Insurance’s array of investment and education plans like Fanaka and Career Life Plus.

This will be facilitated through the use of Bancassurance sales officers strategically positioned at the bank’s 17 branches countrywide.

Jubilee Insurance and Credit Bank see this as an opportunity to entrench a saving culture among Kenyans that currently stands at 11.2 per cent of GDP, according to the latest report by the National Treasury.

READ ALSO:Kenya’s